ExxonMobil Posts Biggest Quarterly US Profit In History

HOUSTON - Exxon Mobil Corp., the world's largest publicly traded oil company, says it shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter. bolstered

Bolstered by this summer's record crude prices, the Irving, Texas-based company said Thursday that net income jumped nearly 58 percent, or $2.86 a share in the July-September. That compares with $9.41 billion, or $1.70 a share, a year ago.

The previous record for U.S. corporate profit was set earlier this year, when Exxon Mobil earned $11.68 billion in the second quarter.

Revenue rose 35 percent to $137.7 billion.

On average, analysts expected the company to earn $2.39 per share in the latest quarter on revenue of $131.4 billion.

Comments

[Housewife]

Well we just better get these guys another tax break or we'll be sorry.

[derekc06]

record prices + record profits + middle finger to middle class = free-market principles

don't you see that fiscal conservatism is the best policy for ALL markets?
who cares if people can afford to heat their homes for the winter in the middle of a full blown recession? those government leeches should move to a warmer climate...

[BarackDaVote]

I guess we all know who the economic terrorists are.

[jsgaetano]

Congrats, Republicans! They couldn't have done it without you.

Really! Between the war profiteering, the lack of oversight, and the collusion with OPEC, none of it would have been possible without conservative Republicans in charge.

So, kudos for allowing this private corporation to levy a phantom tax on everything in the world. RNC bigwigs are laughing all the way to the bank.

[Paul Peete - Huffpost Blogger]

It is time to crop the tail that is wagging our automotive dog. When American auto makers are forced into mergers to survive, laying off workers and teetering on the brink of bankruptcy while oil companies are making record profits, it is time to act to save our manufacturing base. Obama is on point with his clean energy proposals. We have to elect him to enact them or we will see more loss of America's jobs.

[levi501]

Manufacturing jobs are changing toward service and knowledge based jobs. It's much more beneficial to move those jobs toward cheaper labor while current manufacturers get better jobs.

Levi

[qdog112]

Hey Levi, call a life line.

[gypsysoul111]

what?

"Manufacturing jobs are changing toward service and knowledge based jobs"...

don't worry about having cars to drive, clothes to wear....just tell me where to get a massage (i now can't afford) and an accountant (to tell me how i have no money)!!!!


"It's much more beneficial to move those jobs toward cheaper labor while current manufacturers get better jobs."

what current manufacturers are you talking about? do you know what manufacture means?

[who38]

By service jobs, are you referring to the McJobs that are now being taken by former line workers?

[DuganS1]

The oil/natural gas industry is a major part of our "manufacturing base". Just look at companies like Baker Hughes, National Oil Varco, Nabors, and Weatherford. The oil and natural gas industry is a big reason the steel industry has been seeing record profits despite the falloff in the automotive sectors, and they've been hiring.... hiring people for very good jobs. In fact, there has been a shortage of skilled workers in the energy sector, particularly for engineers.

[Paul Peete - Huffpost Blogger]

The development of alternative fuels to free up oil from its fuel based profits, will allow oil companies to focus on the other uses for its product, medicines, plastics, fertilizers, and a wide array of other job production products.

[Jeff1958]

The steel industry is seeing record profits? Can I have some of what you're smoking?

[who38]

Guess Sarah didn't get such a hot deal for the people of Alaska after all. She should have held out for at least twice as much. Wonder how much tax Exxon-Mobil will pay on this profit?

[BilCon]

They paid Just over 11Bn on their net income before taxes of 27Bn.
If you take all the taxes, Sales, income, other, and equity share of other companies, they paid 33.38Bn of 48.21Bn in income before all taxes, just under 70%.

[WorriedParent]

Please do not insult the intelligence of those readers who can:
a. research facts
b. understand mathematics beyond arithmetic
c. have at least some knowledge of economics and taxation

[LiberTLover]

That is nonsense. They are allowed to defer tax payments every year, and their net income includes billiions that they get to deduct first. Their actual rate of tax payment is closer to 7%.

[JeanPaulSatire]

Only $14.83 billion?

Isn't there some way we can help Exxon/Mobil? Can't we come up with a bail-out or at least more tax breaks and subsidies for this teetering corporation?

[floib]

TAnd this money is after paying stockholers, workers, operation costs, etc. Yes, I see how they would need more tax breaks.

I don't see how they can publish this information and not be embarrassed knowing they got that money from sucking the life of their fellow Americans. SHAME, SHAME, SHAME!!!!

[Tamoomoo]

They seriously need the cra p taxed out of them!

[BilCon]

From what I can see, they already are being taxed significantly.

[Economike]

Yeah they must really be hurting.

[LiberTLover]

L:ook harder. And at sources that are not being fed by Exxon.

[iPolitics]

The Economist endorses Obama:

http://www.economist.com/world/unitedstates/displayStory.cfm?story_id=12516666&source=features_box_main

[CeeCee]

Wow! And I always thought The Economist was ultra-Right. Maybe they've come to their senses.

[LiberTLover]

It's just that before it was other people's money being lost and now it's their own. And they KNOW that Blinks & Winks Inc. have no clue how to fix it.

[walk0nwalls]

You know if we just nationalize their profits from the past 8 years we've got a budget set right there.

[fiberoptimist]

Talk about a redistribution of wealth!

[Sparky123]

Trickle down? Where is the trickle?

[qdog112]

" Where is the trickle?"

At the pump.

[suemag]

S**t runs downhill too!

[OSA23]

despite so-called 'record profits' - exxon has been shell-shocked by a corrupt system of greed that never wanted the 'little guy' to succeed. the problem with capitalism can be compared to allowing a diabetic an all weeks pass to eat-all-you-can-eat at their favorite bakery. a lack of discipline in any field brings about an inevitable collapse in the system. POLITICIANS have allowed the greed to unfold expotentially, and you can trace this back to two men:

a) dwight eisenhower's dire warning of the miltary-industry complex;
b) ronald reagan's 'new republicanism' spear-headed by everyone's favorite large breasts man newt gingrich

paste these two points onto a playbook stolen by the current administration from the nixon's days and moments and you have the mountain that crumbled on the glass hopes and promises of wall street....

[DuganS1]

How has Exxon "been shell-shocked by a corrupt system of greed?" What does that even mean?

[JSW1948]

It's been proven the market speculators are playing with the price of oil. You did hear where OPEC is going to cut back on production to drive the price of a gallon on oil back up? Everyday folks can't get a break, when gas went up to close to $5 a gallon, we changed our habits by walking, riding our bikes, cutting out on unnecessary trips,etc. What was our reward for doing our part to help out in this crisis? Big Oil has to get the price back up so we the poor people can go without heating oil in the winter, can't get to our jobs. Our grandparents and babies will freeze to death. This is living proof there is no oil shortage - just oil manipulation. How stupid do they think we are? I can't wait until Nov 4. We should all be sick and tired of being manipulated by the wealthy and the greedy. Let's take America back to her roots on Nov 4. Go VOTE today; take someone to the polls. America, this is our moment.

Obama/Biden 08

[who38]

We need to concentrate on solar and wind as forms of renewable energy. It will be a huge investment and will be resisted by big oil, big agra, and the car companies, but we must not allow them to stop this movement.

[DuganS1]

Speculators have been involved in the oil market since it became a market in the US. They just all happened to be long the market for the first half of the year and did so for very good reason, massive increased worldwide demand and a very little increase in production capacity over the last five years combined with unstable supplies.

[Economike]

I started to find your comment interesting but your second sentence makes it impossible to decipher.

[StillAmused]

Still waiting for some brave Republican dimwit to step up with his little chalkboard, do the math and show us all how increased crude prices result, not in flat income for Big Oil, but in soaring, astronomical profits.

Which part of this complex equation is confusing, 'free market' morons?

[sonofsamphm1c]

Because demand is rising. A 10% profit on a $2.00 gallon is 20 cents. A 10% profit on a $4.00 gallon is 40 cents.

Demand at $2.00 - 80 billion barrels.

Demand at $4.00 - 85 billion barrels.

[levi501]

Please stop. This page is about anger toward success not economics. You shouldn't waste your time with math...

Levi

[StillAmused]

"Oil prices declined in September and early October, as demand growth weakened further, offsetting the impact of hurricane-related outages and lower OPEC output...

"Oil demand forecasts for 2008 and 2009 were trimmed by 240 kb/d and 440 kb/d, respectively, given weaker OECD deliveries and the IMF’s downward revisions to 2009 global GDP assumptions. World oil demand is expected to average 86.5 mb/d in 2008 (+0.5% or +0.4 mb/d vs. 2007) and 87.2 mb/d in 2009 (+0.8% or +0.7 mb/d)." -- International Energy Agency

http://omrpublic.iea.org/

"OPEC on Wednesday cut its forecast for world demand for its crude in 2009 ahead of a meeting next month of the producer group that is expected to consider output cuts in a bid to prop up oil prices." -- CNBC

http://www.cnbc.com/id/27194296

Note: "PROP UP oil prices"

Nice try. "Demand" in your world is a figleaf for "Extortion" in the real world.